So you have decided to spread your wings and fly away to the land of your dreams. Great! But what about financial emigration? What about the nest egg that you painstakingly saved for your future? What about the insurance that you paid for and the inheritance from Uncle Bob? Should you and your money be separated by the seven seas? Not anymore!
Many expats who have chosen to live in a new country still have financial interests and assets in South Africa. Moving the money to a bank near them seemed too difficult – until recently.
It looks like someone has solved the financial migration puzzle. An authorised financial service provider, finglobal.com has it all worked out into five simple steps. While this is not your typical weekend DIY project, the steps don’t sound too daunting.
If you are moving offshore, this is what you should do to take your money with you:
5 steps to financial emigration
- List your assets. Your hard-earned money, as well as any inheritances should give you some financial freedom in the UK, New Zealand, Australia or wherever else your dreams take you. Listing them in an exchange control application, together with your insurance policies, personal pensions, retirement annuities, preservation funds and properties.
- Get tax clearance. Ensure that your dues are all paid up.
- Change your residential status. RSA treats expats as their own citizens, even after they have acquired permanent residency in another country. For financial migration to be possible, your status has to be marked as financial non-resident by the South African authorities.
- Open a Bank Account. Do you have a bank account in South Africa? Yes! The proceeds of, or income from those assets you’ve listed in your exchange control application must be credited to a specific type of account.
- Transfer your money: Once these steps are done, you are now legally entitled to access and transfer your money into your local currency from wherever you are.
But, beware. For the emigrant South African, this financial migration process can still be complex and time consuming. It is far quicker, cost effective, and secure to choose the services of professional consultants. If you require more information, make use of our please call me service on the following button.